News

The Co-operative Bank's disgraced former chairman, Paul Flowers, apparently won the job because he beat his rivals' psychometric test scores, MPs on the Treasury Committee have been told.

Investors stash $6 trillion in hedge funds and PE

The value of assets held by hedge funds, private-equity firms and real-estate fund managers reached $6trn (£3.6trn) last year as investors regained their appetite for risk.

Third Point takes significant shareholding in Dow Chemical

Third Point, the hedge fund run by activist investor Daniel Loeb, has taken a significant shareholding in Dow Chemical and is urging the company to explore a spin off of its petrochemical business so it can concentrate on being a specialty chemicals firm.

Alternative assets industry hits £6 trillion mark

The value of assets held by hedge fund, private equity and real estate fund managers reached $6 trillion (£3.6 trillion) last year as investors regained their appetite for risk.

Tom Sandell urges FirstGroup to reassess 'premature' break-up rejection

Billionaire activist investor Tom Sandell has accused the £1.7 billion transport group of a “premature” rejection of its break-up plans for the business.

Richard Desmond

Man Group denies it misled Richard Desmond over 'incomprehensible' deal

Hedge fund giant Man Group has brushed off Richard Desmond's £20 million High Court claim for losses on a financial product, insisting it did not even act as the counter-party in the disputed transaction.

In Brief: Australia extends Serco Christmas Island deal

Australia extends Serco Christmas Island deal

Serco, the outsourcing giant which repaid £68.5m to the UK Ministry of Justice last week, has received a vote of confidence from the Australian government. It has extended Serco’s contract with its border protection department to run 17 detention centres in the country’s mainland and on Christmas Island.

US regulators seek $1.1m from former Goldman trader Fabrice Tourre

America’s Securities and Exchange Commission has taken former Goldman Sachs London banker Fabrice 'Fabulous' Tourre to court demanding $1.1 million (£674,000) in fines and other penalties for his role in a failed mortgage-backed securities deal which cost investors $1 billion.

Rule to curb risky trades by banks in US is finally passed

Nearly four years after President Obama first proposed curbs to rein in the risky bets on Wall Street, US regulators have finally ratified a strict new regime aimed at stopping banks from making speculative trades that could cause another meltdown.

Tom Hodgkinson: Who arrives at the door when the pig has been killed? The Methodist minister

Around 10 years ago, I opened an account with the Co-operative Bank. I was attracted by its policy of not lending money at excessive rates of interest to the very poor and staying out of the way of arms deals and the like. It seemed by far the best of a bad bunch in the sense that it appeared to have morals. At around the same time, in a feeble anti-capitalist campaign, I joined the Phone Co-operative and an energy supplier called Ecotricity, which apparently supplies its power via windmills.

Co-operative Bank loses customers after Paul Flowers scandal

The Co-operative Bank has admitted for the first time it is losing customers after a series of scandals including alleged drug-taking by former chairman Paul Flowers.

Andy McSmith's Diary: Hedge funds, the Tories’ cash cow, eagerly repay favours

A measure in George Osborne’s 2013 Budget which made no headlines outside the financial pages was the abolition of stamp duty reserve tax on UK-domiciled asset management funds. That may not sound like an attention grabber, but it was manna for Britain’s hedge-fund bosses, who by the Government’s estimate saw £145m drop off their companies’ collective annual tax bill.

MPs summon corporate advisers to explain their valuations of Royal Mail

A group of the City’s best-known corporate advisers has been summoned to appear before a committee of MPs to discuss the price at which Royal Mail was floated on the London Stock Exchange last month.

MPs have voiced fresh concern that the Government's controversial privatisation of the Royal Mail

Royal Mail flotation: MPs voice fresh concern over controversial privatisation

An Early Day Motion has been tabled in Parliament calling on the Coalition to review its decision

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Burgundy, the River Rhone & Provence – MS Swiss Corona - seven nights from £999pp
Lake Maggiore, Orta and the Matterhorn – seven nights from £899pp
Sicily – seven nights from £939pp
Pompeii, Capri and the Bay of Naples - seven nights from £799pp
Istanbul Ephesus & Troy – six nights from £859pp
Mary Rose – two nights from £319pp
Ukraine crisis: The phoney war is over as Russian troops and armour pour across the border

The phoney war is over

Russian troops and armour pour into Ukraine
Potatoes could be off the menu as crop pests threaten UK

Potatoes could be off the menu as crop pests threaten UK

The world’s entire food system is under attack - and Britain is most at risk, according to a new study
Gangnam smile: why the Chinese are flocking to South Korea to buy a new face

Gangnam smile: why the Chinese are flocking to South Korea to buy a new face

Seoul's plastic surgery industry is booming thanks to the popularity of the K-Pop look
Salomé's feminine wiles have inspired writers, painters and musicians for 2,000 years

Salomé: A head for seduction

Salomé's feminine wiles have inspired writers, painters and musicians for 2,000 years. Now audiences can meet the Biblical femme fatale in two new stage and screen projects
From Bram Stoker to Stanley Kubrick, the British Library's latest exhibition celebrates all things Gothic

British Library celebrates all things Gothic

Forthcoming exhibition Terror and Wonder: The Gothic Imagination will be the UK's largest ever celebration of Gothic literature
The Hard Rock Café's owners are embroiled in a bitter legal dispute - but is the restaurant chain worth fighting for?

Is the Hard Rock Café worth fighting for?

The restaurant chain's owners are currently embroiled in a bitter legal dispute
Caribbean cuisine is becoming increasingly popular in the UK ... and there's more to it than jerk chicken at carnival

In search of Caribbean soul food

Caribbean cuisine is becoming increasingly popular in the UK ... and there's more to it than jerk chicken at carnival
11 best face powders

11 best face powders

Sweep away shiny skin with our pick of the best pressed and loose powder bases
England vs Norway: Roy Hodgson's hands tied by exploding top flight

Roy Hodgson's hands tied by exploding top flight

Lack of Englishmen at leading Premier League clubs leaves manager hamstrung
Angel Di Maria and Cristiano Ronaldo: A tale of two Manchester United No 7s

Di Maria and Ronaldo: A tale of two Manchester United No 7s

They both inherited the iconic shirt at Old Trafford, but the £59.7m new boy is joining a club in a very different state
Israel-Gaza conflict: No victory for Israel despite weeks of death and devastation

Robert Fisk: No victory for Israel despite weeks of devastation

Palestinians have won: they are still in Gaza, and Hamas is still there
Mary Beard writes character reference for Twitter troll who called her a 'slut'

Unlikely friends: Mary Beard and the troll who called her a ‘filthy old slut’

The Cambridge University classicist even wrote the student a character reference
America’s new apartheid: Prosperous white districts are choosing to break away from black cities and go it alone

America’s new apartheid

Prosperous white districts are choosing to break away from black cities and go it alone
Amazon is buying Twitch for £600m - but why do people want to watch others playing Xbox?

What is the appeal of Twitch?

Amazon is buying the video-game-themed online streaming site for £600m - but why do people want to watch others playing Xbox?
Tip-tapping typewriters, ripe pongs and slides in the office: Bosses are inventing surprising ways of making us work harder

How bosses are making us work harder

As it is revealed that one newspaper office pumps out the sound of typewriters to increase productivity, Gillian Orr explores the other devices designed to motivate staff